the final electoral college results now read president obama 332, romney 206. nationwide some votes are still being counted but it's clear americans chose president obama to serve a second term. voters also allowed republicans to retain control of the house. so the debate over raising taxes and cutting programs to reduce the deficit continues. with the year-end that's correct time bomb ticking away. both parties face a year end deadline when temporary tax cuts intended to rejuvenate the economy expire. president obama is asking the wealthiest americans to pay more in taxes to help cut the taxes. republicans say raising taxes on business owners would only eliminate more jobs. >> what has been the missing ingredient in congress to date has been the revenue. and to make sure that it is fairly distributed and the wealthy pay their fair share. that is what we face right now. if our republican counter parts can step forward with that revenue piece, we will be able to find a solution. >> president obama said two years ago now is not the time with a sluggish economy to